Multiple Listing Service, popular as MLS, is the service offered to the privately run real estate broker companies for exchanging the information on the properties. These brokers are members of MLS, and who are given the rights to make direct access to each others property listings, available for sale. In case any property is closed, a certain amount of commission, 5-7% of the sale price for any residential property, is divided between two property brokers, acting on the behalf of buyer and seller respectively. All this process is undertaken under the normal MLS procedures. However, in case of flat fee MLS property sales, a flat fee is offered by the seller to the broker from whose list the property has been closed for sale. It is important to note here that no commission is remitted to the property broker representing the buyer and the seller, and moreover, the best is yet to come…The flat fee disbursed is much much less than what is remitted in a commission.
Are you choosing to market or sell your home all by yourself, or you want to go for full service (and full commission) broker do it for you! Well the choice and difficulties are purely yours. Selling or purchasing a property is 3 to 4 months work, and if we calculate other processes along with it, then, it becomes no less than a cumbersome job for you. Here are some of the hindrances you have to face, if you go for marketing or selling your residential property:
- Paper Work – You need to go for completely taxing paper work, which would include records of Tax assessments and tax payments, legal property description, homeowner’s by-laws and much more.
- Making the Property Contract Papers – Making the property contract papers in the name of the buyer is another hectic process altogether. It requires property lawyer to set the contract form in place.
- Disclosures – Here you have flat fee realtor to list all the renovations done in your property. These include, decorating the shingles and your bathroom, increasing the balcony etc. Buyers would not take your word for it. Therefore, you have to present the papers for giving all the constructions/renovations done thereof.
- Showing Your Property to Prospective Buyers – It is not an easy task to show and the property to the buyer. It takes time and effort altogether. You need to be mentally prepared to answer any question that a buyer can throw on you, impromptu.
- Dealing with Property, Code and Home Inspectors – Dealing with the property inspectors is yet another ordeal in disguise. The code inspector checks for all the building codes applicable in the area where your property is located. Similarly, the building inspector would check the interiors of your house such as the safety devices, vis-a vis smoke detectors, closets, attic spaces, the condition of walls, flooring, etc.
- Negotiating the Price and Closing the Sale Deal – Price negotiations for residential property is just like going for a war. You need to have the foresight about what the buyer can actually offer. Analyze the market scenario and only then play the deal.